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Tycoon Elumelu Tightens Grip on Nigeria’s Biggest Conglomerate

  • Elumelu’s wife bought 5.1% of Transcorp, according to a filing
  • The purchase helped Elumelu family’s raise stake to about 30%
Tony Elumelu

Tony Elumelu

Photographer: Christophe Morin/Bloomberg

Nigerian tycoon Tony Elumelu’s family raised its stake in the nation’s biggest conglomerate after warding off a takeover threat from a rival. 

Elumelu’s wife, Awele Elumelu, acquired 5.1% of Transnational Corp. of Nigeria Plc, according to a regulatory filing on Friday. That boosts the family’s holding to at least 30%, which according to Nigerian takeover rules is the threshold for triggering an open offer. Transcorp didn’t immediately respond to an email seeking comment.